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Yen Strength Crushes EUR/JPY: Key Technical Levels to Watch as Bears Eye 178

EURJPY lost its shine on hopes of an aggressive rate hike by the BOJ. It continues to be bearish so long as it's miles below 182. Having attained an intraday low of 179.22, it now hovers about 179.743.

Technical Analysis:

The EUR/JPY pair is  below 55 EMA,  200, 365-H EMA and above  800- EMA  on the 4-hour   chart.

  • Near-Term Resistance: Around 180.25, a breakout here could lead to targets at 180.75/181.47/182/183/184.40/185.
     
  • Immediate Support: At 179, if breached, the pair could fall to 178/176/175.

    Indicator Analysis  (4-hour chart):
  • CCI (50): Bearish
     
  • Average Directional Movement Index:  Bearish

    Overall, the indicators suggest a bearish trend

Trading Recommendation:

It is good to sell on rallies around 180 with a SL around 181 for a TP of 178.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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